Bloomberg News

Sub-Sahara Africa Stocks: Kenya Airways, KenolKobil, Total Kenya

February 01, 2012

Feb. 1 (Bloomberg) -- The FTSE/Namibia Overall Index rose for a second day, jumping 1.2 percent to 910.97 in Windhoek, the biggest gain since Jan.10.

Kenya’s All-Share Index fell 0.7 percent to 53.79 in Nairobi. The Nigerian Stock Exchange All-Share Index retreated 0.4 percent to 20,790.87 at the close in Lagos, according to a statement on the bourse’s website. Mauritius’s Semdex was closed for a public holiday today.

The following were among the active equities in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.

Kenya Airways Ltd. (KNAL KN), sub-Saharan Africa’s third- biggest carrier, dropped for a third day, declining 2.3 percent to 19.15 shillings, on concern competition was increasing and earnings falling.

“There has been a stream of negative news for the airline,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd., said by phone today. Kenya Airways said on Jan. 27 annual profit will drop at least 25 percent. Airline entrepreneur Stelios Haji Ioannou’s easyGroup Holdings Ltd. signed an agreement in December with Rubicon Diversified Investments Plc to set up a low-cost African carrier.

KenolKobil Ltd. (KNOC KN), a Kenyan fuel retailer, advanced for the first time in three days, rising 1 percent to 10.05 shillings. Oil snapped three days of declines in New York after China’s manufacturing index unexpectedly rose, boosting speculation that the world’s second-biggest crude consumer is withstanding Europe’s debt crisis.

Total Kenya Ltd. (TKNL KN), a local unit of Total SA, gained 1.9 percent to 16.5 shillings.

--Editors: Ash Kumar, Linda Shen

To contact the reporter on this story: Chris Kay in Abuja at ckay5@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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